The global traffic sign recognition system market is projected to grow at a CAGR of 3.5%, from USD 37.81 Million in 2022 to USD 53.34 Million in 2032.
Owing to initiatives taken by governments and regulatory bodies across the world to ensure road safety and many other factors, the demand for traffic sign recognition systems will only increase in the times to come. Moreover, with even customers looking for vehicles that offer better safety features for their personal well-being, the sales of traffic sign recognition systems will upsurge.
| Report Attribute | Details |
|---|---|
| Traffic Sign Recognition System Market Value (2021) | USD 36.53 Million |
| Traffic Sign Recognition System Market Value (2022) | USD 37.81 Million |
| Traffic Sign Recognition System Market Value (2032) | USD 53.34 Million |
| Traffic Sign Recognition System Market Projected Growth Rate (2022 to 2032) | 3.5% |
A traffic-sign recognition (TSR) system is a technology that can recognize a traffic sign placed beside the road, such as turn ahead, speed limit, etc.
A traffic sign recognition system uses a camera mounted on the vehicle's front to capture video of the roadside spaces. The process can be divided into two phases, which are detection and recognition. In the traffic sign detection process, the Traffic Sign Recognition System uses various methods to identify a road sign's characteristics like shape, color, etc.
With so much technology involved in the manufacturing of traffic sign recognition systems, and even these technologies getting evolved on a continuous basis, one thing is for sure even the traffic sign recognition system will be more sophisticated and will operate with high precision in the coming times. This will ensure higher demand for traffic sign recognition systems.
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From the customer's perspective, safety is the main reason why the sales of traffic sign recognition systems are expected to rise. With nearly 1.3 million road deaths in 2021 and 50 million injuries caused because of road accidents, the time is now when people have started adopting safety practices while traveling on the road through vehicles.
The traffic sign recognition system does just that and would give impetus to people who aspire to have safe travel. Moreover, in many developed and developing countries, looking at the previous cases of road accidents, the governments have made it mandatory to install a traffic sign recognition system to avoid accidents. If someone is seen not having installed the traffic sign recognition system, they will be charged with a penalty. All this indicates towards higher demand for traffic sign recognition systems.
Developing countries like India, China, etc., are investing huge amounts of money in technology and road safety. If the benefits of traffic sign recognition system are effectively conveyed to the people residing in such countries, the sales of traffic sign recognition system would certainly increase, and more and more people will act proactively.
A very important point to note over here is that the traffic sign recognition system is mainly used in autonomous cars. Companies like Google, Tesla, Apple, etc., are investing heavily in the development of these autonomous cars. Moreover, based on a study conducted, autonomous cars can reduce the chances of an accident by nearly 95%, as these cars are trained to be extremely careful while plying on the road. Governments are also encouraging people to use these autonomous cars as they run on electric batteries, as a result of which they do not emit harmful gases. Moreover, as these cars make use of a traffic sign recognition system, the chances of road mishaps are drastically reduced. Because of this, the demand for traffic sign recognition system will take an uptick.
However, the only challenge associated with the traffic sign recognition system may be visual recognition. There are times when the signboards may not display the sign clearly because of the wear and tear caused due to extreme weather conditions. Because of that, the system may not be in a position to decide the right course of action and may end up doing something undesirable. This is something on which the manufacturers should ponder upon and come up with a suitable solution.
Based on the regional analysis, North America remains the biggest market for traffic sign detection systems followed by Europe. The reason is stringent laws framed by the public authorities to avoid accidents, and also more disposable income for people living in these regions. Thus, North America has the highest market share, followed by Europe.
However, Asia Pacific is showing exponential growth in terms of purchasing traffic sign recognition systems, and would certainly have a relatively higher market share in the future. The reason being major developing countries like India, China, etc., have started taking measures to reduce road mishaps, and to control these incidences, people are buying vehicles that are equipped with such systems.
The traffic sign recognition system has a considerable market size. Some of the key players in the traffic sign recognition system market are Ford Motor Company Ltd, DENSO CORPORATION, ZF Friedrichshafen AG, Robert Bosch GmbH, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, Daimler AG, HELLA Aglaia Mobile Vision GmbH, Continental AG, Škoda Auto a.s., dSPACE GmbH, Magna International Inc., ELBIT, Elektrobit, Mobileye Corporation, Volkswagen.
Recently, Continental announced that it is prepared for developing high-level Advanced Driver Assistance systems, and these would function mainly on the principle of full stack solution. The full stack includes three pillars - the system and the software; the ecosystem; and the component business.
Also, ZF Friedrichshafen AG is all set to hire 5000 engineers in India with an aim to increase its market presence and share in the autonomous technologies market.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 3.5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Application, Traffic, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled | Ford Motor Company Ltd; DENSO CORPORATION; ZF Friedrichshafen AG; Robert Bosch GmbH; TOSHIBA ELECTRONIC DEVICES & ; STORAGE CORPORATION; Daimler AG; HELLA Aglaia Mobile Vision GmbH; Continental AG,; Škoda Auto a.s.; dSPACE GmbH; Magna International Inc.; ELBIT; Elektrobit; Mobileye Corporation; Volkswagen. |
| Customization | Available Upon Request |
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The expected CAGR over the forecast period is 3.5%.
North America is the largest market for the traffic sign recognition system.
The traffic sign recognition system market is expected to have a valuation of USD 53.34 Million in 2032.
| Estimated Size, 2024 | USD 841.8 million |
|---|---|
| Projected Size, 2034 | USD 1,625.3 million |
| Value-based CAGR (2024 to 2034) | 6.8% |
| Market Estimated Value (2023) | USD 26.72 billion |
|---|---|
| Projected Market Valuation (2033) | USD 74.09 billion |
| Value-based CAGR% (2023 to 2033) | 12% |
| Market Expected Market Value (2022) | USD 4.1 Billion |
|---|---|
| Market Anticipated Forecast Value (2032) | USD 9.6 Billion |
| Market Projected CAGR (2022 to 2032) | 5.2% |
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